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Fannie Mae Cash Flow Analysis

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Please use the following quick reference guide to assist you in completing Fannie Mae Form 1084. It provides
suggested guidance only and does not replace Fannie Mae instructions or applicable guidelines.
Calculator and Quick Reference Guide:
Fannie Mae Cash Flow Analysis
IRS Form 1040 – Individual Income Tax Return 2020 2019 NOTES
1 W-2 Income from Self-Employment
+
*Only add back the eligible
“Other” deductions, such as
Amortization or Casualty Loss.
2 Schedule B – Interest and Ordinary Dividends
a. Interest Income from Self-Employment (Line 1)
+
b. Dividends from Self-Employment (Line 5)
+
3 Schedule C – Profit or Loss from Business: Sole Proprietorship
a. Net Profit or Loss (Line 31)
+/–
b. Nonrecurring Other (Income) Loss/Expenses (Line 6)
+/–
c. Depletion (Line 12)
+
d. Depreciation (Line 13)
+
e. Non-deductible Meals and Entertainment Expenses
(Line 24b)
–
f. Business Use of Home (Line 30, Check applicable guidelines)
+
g. Amortization/Casualty Loss (Only add back Amort/CL -
Review Schedule C Page 2, Part V*)
+
Business Miles
(Page 2, Part IV, Line 44a OR Related 4562, Line 30)
X Depreciation Rate (2020 - 27¢; 2019 - 26¢)
= Total Mileage Depreciation
+
Subtotal Schedule C
=
4 Schedule D – Capital Gains and Losses
a. Recurring Capital Gains (from Self-Employment)
+
5 Schedule E – Supplemental Income and Loss
Note: A lender may use Fannie Mae Rental Income Worksheets (Form 1037 or Form 1038) or a comparable
form to calculate individual rental income (loss) reported on Schedule E.
a. Royalties Received (Line 4)
+
b. Total Expenses (Line 20)
–
c. Depletion (Line 18)
+
Subtotal Schedule E
=
6 Schedule F – Profit or Loss from Farming
a. Net Farm Profit or Loss (Line 34)
+/–
b. Non-Tax Portion Ongoing Coop and CCC Payments
(Line 3, 4, 6(a -b))
+/–
c. Nonrecurring Other (Income) or Loss (Lines 5c & 8)
+/–
d. Depreciation (Line 14)
+
e. Amortization/Casualty Loss/Depletion (Line 32*)
+
f. Business Use of Home (Line 32, Check applicable guidelines)
+
Subtotal Schedule F
=
Note: IRS Form 4797 (Sales of Business Property) is not included on this worksheet due to its infrequent use. If
applicable, a lender may include analysis of the sale and related recurring capital gains.
This calculator can be found at https://new.mi.genworth.com/self-employed-borrower-calculators.
Page 1 of 4
Borrower Name
Property Address
Loan Number
For full functionality, download and save PDF first before entering data.
Please download before each calculation as calculators are updated periodically.
Note: For entries with the marker (+/–) type a ‘-‘ for entering a negative amount. Example: –12,345.67
0.27
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Page 2 of 4
IRS Form 1065 - Partnership Income 2020 2019 NOTES
7 Schedule K-1 Form 1065 – Partner’s Share of Income
*Review Line 19 for a
distribution
**Only add back the eligible
“Other” deductions, such as
Amortization or Casualty Loss.
***Follow specific investor
guidelines. Adjustments
may not be required if there
is evidence these roll over
regularly, it is verified to be a
line of credit or if the business
has sufficient assets to cover
the liability.
a. Ordinary Income/Loss (Line 1) *
+/–
b. Net Rental Real Estate; Other Net Income (Loss) (Lines 2, 3)*
+/–
c. Guaranteed Payments to Partner (Line 4c)
+
8 Form 1065 - Adjustments to Business Cash Flow
a. Ordinary (Income) Loss from Other Partnerships (Line 4)
+/–
b. Nonrecurring Other (Income) or Loss (Lines 5, 6 & 7)
+/–
c. Depreciation (Line 16c, including 8825 Line 14)
+
d. Depletion (Line 17)
+
e. Amortization/Casualty (Review Attachment Related to
Line 20**)
+
f. Mortgages or Notes Payable in Less than 1 Year (Schedule L,
Line 16d***)
–
g. Non-deductible Travel and Entertainment Expenses
(Schedule M-1, Line 4b)
–
Subtotal
=
Percent Ownership (From Schedule K-1) % %
Total Form 1065
=
Total Partnership Income
IRS Form 1120S – S Corporation Earnings 2020 2019 NOTES
9 Schedule K-1 Form 1120S – Shareholder’s Share of Income
*Review Line 16d for a
distribution
**Only add back the eligible
“Other” deductions, such as
Amortization or Casualty Loss.
***Follow specific investor
guidelines. Adjustments
may not be required if there
is evidence these roll over
regularly, it is verified to be a
line of credit or if the business
has sufficient assets to cover
the liability.
a. Ordinary Income (Loss) (Line 1)*
+/–
b. Net Rental Real Estate; Other Net Rental Income (Loss)
(Lines 2, 3)*
+/–
10 Form 1120S - Adjustments to Business Cash Flow
a. Nonrecurring Other (Income) Loss (Lines 4, 5)
+/–
b. Depreciation (Line 14, including 8825 Line 14)
+
c. Depletion (Line 15)
+
d. Amortization/Casualty Loss (Review Attachment Related
to Line 19**)
+
e. Mortgages or Notes Payable in Less than 1 Year (Schedule L,
Line 17d***)
–
f. Non-deductible Travel and Entertainment Expenses (Schedule
M-1, Line 3b)
–
Subtotal
=
Percent Ownership (From Schedule K-1) % %
Total Form 1120S
=
Total S-Corp Income
Partnership or S Corporation
A self-employed borrower’s share of Partnership or S Corporation earnings may be considered provided that:
• The borrower can document ownership share (for example, the Schedule K-1); and
• The K-1 reflects a documented, stable history of receiving cash distributions of income consistent with the level of business income used
to qualify; or lenders must verify the business has adequate liquidity to support the withdrawal of earnings.
• See liquidity calculators to aid in confirmation of adequate liquidity.
Note: See additional information on the fourth page of this calculator.
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Page 3 of 4
IRS Form 1120 – Regular Corporation 2020 2019 NOTES
Corporation earnings may only be used when the borrower(s) own 100% of the corporation.
11 Form 1120 – Regular Corporation
*Only add back the eligible
“Other” deductions, such as
Amortization or Casualty Loss.
**Follow specific investor
guidelines. Adjustments
may not be required if there
is evidence these roll over
regularly, it is verified to be a
line of credit or if the business
has sufficient assets to cover
the liability.
a. Taxable Income (Line 30)
+/–
b. Total Tax (Line 31)
–
c. Nonrecurring (Gains) Losses (Lines 8, 9)
+/–
d. Nonrecurring Other (Income) Loss (Line 10)
+/–
e. Depreciation (Line 20)
+
f. Depletion (Line 21)
+
g. Amortization/Casualty Loss (Review Attachment Related to
Line 26*)
+
h. Net Operating Loss and Special Deductions (Line 29c)
+
i. Mortgages or Notes Payable in Less than 1 Year (Schedule L,
Line 17d**)
–
j. Non-deductible Travel and Entertainment Expenses
(Schedule M-1, Line 5c)
–
Subtotal
=
Less: Dividends Paid to Borrower (Check Form 1040,
Schedule B)
–
Total Form 1120
=
Grand Total ________________ ________________
Number of Months (enter number)
________________ ________________
Monthly Total ________________ ________________
Two Year Average
This reference sheet is suggested guidance and does not replace Fannie Mae instructions or applicable guidelines. Please check with your own
legal advisors for interpretations of legal and compliance principles applicable to your business.
________________
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Page 4 of 4
Guidance for documenting business liquidity
• If the Schedule K-1 reflects a documented, stable history of receiving cash distributions of income from the business consistent with
the level of business income being used to qualify, then no further documentation of access to income or adequate business liquidity
is required.
• If the Schedule K-1 does not reflect a documented, stable history of receiving cash distributions of income from the business
consistent with the level of business income being used to qualify, then the lender must confirm adequate business liquidity.
• The lender may use discretion in selecting the method to confirm that the business has adequate liquidity to support the withdrawal
of earnings. When business tax returns are provided, for example, the lender may calculate a ratio using a generally accepted formula
that measures business liquidity by deriving the proportion of current assets available to meet current liabilities.
• Refer to the Genworth Quick or Current Ratio Calculators for additional guidance.
Year to Date Profit and Loss Statement
When using or evaluating profit and loss statements, always consult all applicable guidelines, including lender, investor, GSE and, where applicable,
federally mandated ability to repay requirements. Generally, the lender may use a profit and loss statement—audited or unaudited—for a
self–employed borrower’s business only to support its determination of the stability or continuance of the borrower’s income. A typical profit
and loss statement has a format similar to IRS Form 1040, Schedule C. Allowable addbacks include depreciation, depletion and other non–cash
expenses as identified above.
Year–to–Date Profit and Loss Statement
Salary/Draw to Individual _______________________
Net Profit _______________________ _______________________ % Ownership = _______________________
Total Allowable Addbacks _______________________ _______________________ % Ownership = _______________________
Year–to–Date Total _______________________
X
X
8608510.0221 ©2021 Genworth Financial, Inc. All rights reserved.
Genworth Mortgage Insurance underwriters include: Genworth Mortgage Insurance
Corporation and Genworth Mortgage Insurance Corporation of North Carolina
Refer to Genworth COVID P&L Review & Business Income Stability worksheet while COVID-19 underwriting policies are effective.
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Fannie Mae Cash Flow Analysis

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